Tier1 Financial Solutions acquires financial crime prevention company Alessa

Client relationship management solution developer Tier1 Financial Solutions has acquired compliance and financial crime prevention company Alessa.

This deal will help Tier1 grow its tool suite to offer improved client insights, revenue protection, regulatory compliance and automation. The acquisition will not only increase operation efficiency and reduce regulatory compliance risk but also help clients improve their client data access.

Alessa builds software that is used by banks, credit unions, money services businesses, casinos and FinTechs to handle global anti-money laundering compliance. The platform enables clients to quickly detect suspicious transactions, identify high-risk customers and decrease fraud risks.

As part of the deal, Alessa will become part of Tier1’s branded product suite.

Tier1 CEO Jiro Okochi said, “Regulatory requirements are no longer just a bank compliance department issue but an important part of front-office workflow and client lifecycle management.

“We are very excited about joining forces with Alessa and together accelerating the digital transformation of our client’s transactional workflow.”

Tier1 is a client relationship management software company that helps companies to create sales opportunities and maximise client interactions.

Alessa chief operating officer Andrew Simpson said, “We are excited to be part of the Tier1 family as this allows us to be even more aggressive in our barrier-breaking mindset to deliver powerful solutions to the multi-billion-dollar compliance and fraud prevention market.

“All our customers, partners and team members will benefit from this acquisition as it enables us to accelerate delivery on our bold promises.”

Portico Capital acted as the exclusive financial advisor to Alessa for the deal.

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